Kyrgyzstan to revise and review Kumtor mine license of Centerra Gold

BISHKEK (Scrap Monster): Kyrgyzstan Parliament has decided to review and revise the operating license of Centerra Gold for the Kumtor gold mine project, that accounts for 12% of Central Asian nation's economy.

Centerra Gold is already 33 per cent owned by Kyrgyz state gold company Kyrgyzaltyn, but the lawmakers moved to a bigger controlling stake in the company.

The gold mine project entered into news on allegations of environmental issues, poor company management and unbalanced profit sharing.

The Kyrgyzstan lawmakers urged the national government to review and revise Centerra Gold's operating license and contract which was awarded in 2009.

Centerra Gold reported producing 583,156 ounces of gold at the Kumtor gold mine project in 2011,as per the data released on February. The mine is 4,000 meters above sea level some 50 kilometers from the border with western China.